TLDR:
- Protocol 28 “Adapter” went live on the Stellar mainnet after a validator vote held in September.
- CAP-85 enables atomic upgrades for contract groups, while CAP-86 adds sparse functions for migrations.
- Stellar sustained over 211 TPS across 100 consecutive ledgers, a record not tied to Protocol 28 alone.
- Tokenized assets on Stellar have reached about $3.3 billion, with stablecoin supply near $884 million.
Stellar Protocol 28, known as “Adapter,” is now live on the Stellar mainnet following a validator vote in September.
The upgrade introduces several changes to Soroban smart contract management, data migrations, and the network’s consensus process.
The activation arrives as the network records growth in tokenized real-world assets and stablecoins. Tokenized assets on Stellar have now reached about $3.3 billion. Stablecoin supply is approaching $884 million, according to recently published data.
Stellar Protocol 28 Adds Smart Contract Upgrade Tools
Stellar Protocol 28 focuses mainly on developers and infrastructure operators rather than raw performance. One key change is CAP-85, which allows groups of smart contracts to be upgraded atomically. Contracts that share the same logic can be linked to an external code reference.
When an upgrade is required, the linked contracts move to the new version in a coordinated manner. As a result, financial applications that manage many contracts may find maintenance and security updates simpler.
Additionally, CAP-86 introduces new “sparse” functions for data migrations. These functions let contracts handle missing or additional fields when a data structure changes. The goal is to make migrations more gradual and reduce the risk of interruptions or incompatibilities.
CAP-83 Consensus Changes and the 211 TPS Record
The upgrade also includes CAP-83, which modifies parts of Stellar’s consensus process. Validators can move through certain consensus stages without waiting for all transaction data.
Late or invalid transaction sets can also be handled more efficiently. The aim is to keep the network resilient when transaction loads rise or data transmission is delayed.
Meanwhile, the network posted a new throughput record. In a post on X, Stellar XLM Holder cited Chainspect data on the milestone. The data shows sustained throughput above 211 transactions per second across 100 consecutive ledgers.
However, the post notes that Stellar Protocol 28 alone does not account for the 211 TPS figure. Stellar is also rolling out parallel transaction-set downloading, which adds to processing capacity.
Therefore, the record reflects a broader infrastructure effort. Protocol 28 mainly targets smart contract infrastructure, developer tools, data management, and network resilience.
Tokenized Assets, Stablecoins, and XLM Price Action
Stellar Protocol 28 arrives as real-world assets grow on the network. The network now hosts roughly $3.3 billion in tokenized assets. The Stellar Development Foundation reported that RWAs passed $3 billion during the second quarter of 2026.
The ecosystem covers tokenized bonds, U.S. Treasuries, money market funds, private credit, and tokenized gold. Stellar has historically centered on payments, cross-border transfers, and financial applications. With tokenization, the network is increasingly used to represent and transfer financial assets on-chain.
Stablecoins are also growing on the network. Supply has reached about $884 million following the activation. Stablecoins support cross-border payments, international transfers, settlement, and liquidity. The Foundation also reported record stablecoin transfer volume of $11.4 billion in the second quarter of 2026.
XLM also traded higher around the upgrade, moving near $0.19 and reaching a local high near $0.203. However, the post cautions against linking the move directly to Protocol 28. Bitcoin’s price action, capital flows, regulation, liquidity, and RWA narratives also influence the market.
Developers still need to integrate the new capabilities, and several infrastructure improvements are rolling out progressively.
The post adds that the real test is real-world usage by financial institutions, developers, stablecoin issuers, and RWA platforms. Going forward, observers are watching RWA growth, stablecoin supply, Soroban adoption, network throughput, and institutional activity.
